3.2 key terms
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- Created on: 28-12-18 15:30
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- 3.2 Managers, Leadership & Decision-making
- Leadership style - the way that the functions of leadership are carried out and the way that a leader behaves
- Authoritarian - where a leader dictates policies and procedures, controls all situations without meaningful participation by the subordinates.
- Paternalistic - their organisational power is used to control and protect subordinate staff that are expected to be obedient.
- Democratic - involves a team guided by a leader where all individuals are involved in the decision-making process. The group's leader has the authority to make the final decision.
- Laissez-faire - leader has no input in decision-making. Staff are free to do whatever they want.
- Opportunity cost - the cost of missing out on the next best alternative. The benefits that could've been gained by taking a different decision.
- Approaches to decision-making
- Hunch - based on intuition: gut feeling & experience
- Scientific - based on data and analysis
- Trait theory - the belief that leaders and managers hold certain traits that distinguish them from other people.
- Behavioural theory - suggests that there is an appropriate style of management or leadership determined by the context, situation and nature of the task.
- The Blake and Mouton Grid - a grid that identifies a number pf approaches to leadership based on the extent to which a manager is focused on their concern for production and their concern for people
- The Tannenbaum-Schmidt Continuum - shows where a manager's approach lies on a continuum, ranging from the manager imposing strict authority at one extreme, through to employees having full freedom to act as they choose at the other extreme
- Decision tree - a model that represents the likely outcomes for a business of a number of courses of action showing the financial consequences of each
- Stakeholder - groups or individuals who have an interest in a business
- Leadership style - the way that the functions of leadership are carried out and the way that a leader behaves
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